Latest news with #JawedJillani
Express Tribune
6 days ago
- Business
- Express Tribune
Penalties on rice exporters waived
A delegation of the Rice Exporters Association of Pakistan (REAP), led by Senior Vice Chairman Jawed Jillani, met with State Bank of Pakistan (SBP) Governor Jameel Ahmad and his team at the central bank. Jawed Jillani informed the SBP governor about the challenges being faced by rice exporters. He requested him to waive the penalties imposed in the wake of late realisation of export proceeds, which was mainly due to the extra delay in transit time and was beyond the control of exporters. In response, the SBP governor issued instructions to remove the penalties. The delegation complained about the unavailability of Export Refinance Facility (ERF) from various banks and the additional foreign exchange rates charged by shipping companies, which were Rs10-12 higher than the inter-bank rates. It also requested steps to facilitate the repatriation of long pending amount of rice exporters in Lebanon.
Business Recorder
6 days ago
- Business
- Business Recorder
Delayed export proceeds: SBP withdraws lien policy
KARACHI: In order to facilitate the exporters, the State Bank of Pakistan (SBP) on Tuesday withdrew its earlier directives under which a percentage of delayed export proceeds was to be marked as lien by Authorized Dealers (ADs). Under the previous instructions, (withdrawn now), exporters who failed to realize their export proceeds within the prescribed period faced a lien of up to 3 percent for delays up to 30 days, 6 percent for delays between 31 and 60 days, and 9 percent for delays exceeding 60 days. These measures were introduced through FE Circular No. 02 dated March 31, 2023, following an earlier February 2023 directive aimed at improving the timely inflow of export earnings. Under the old arrangement, the SBP had allowed exporters to bring delayed proceeds into Pakistan by April 30, 2023 without deductions, after which the lien policy would apply. Exporters in PSW system: SBP amends 'undertaking' for payments via ADs The policy also required ADs to report such cases to the Foreign Exchange Operations Department and, if necessary, deposit fines from the lien amount as determined by the Foreign Exchange Adjudication Department. With the latest decision, the SBP has decided to withdraw the directives of referred FE Circular 02 dated March 31, 2023, with immediate effected. SBP has also instructed ADs to immediately release amounts previously held under lien in line with the withdrawn circular. Moving forward, ADs must submit fortnightly reports of all overdue export bills through Appendix-V20 and Appendix-V21 to the Foreign Exchange Operations Department (FEOD) of SBP-BSC. Para 33(ii)(a) of Chapter 12 of the manual has been amended accordingly. The SBP has also directed all ADs to inform their clients of the revised guidelines and ensure compliance. The Rice Exporters Association of Pakistan (REAP) has said that Governor SBP Jameel Ahmed issued these directives on the request of rice exporters, who met him on Tuesday. A high-profile REAP delegation, led by Senior Vice Chairman Jawed Jillani, held a meeting with the SBP Governor and his team at the central bank's office. The delegation included former REAP chairman Rafique Suleman, Mahesh Kumar, Hasab Raud (Convener, REAP Committee on State Bank Matters), Shahid Memon, Mohaib Moulvi, and members Faisal Garib and Syed Badaruddin Chishti. During the meeting, Jawed Jillani briefed the Governor on various issues being faced by rice exporters and sought support for their resolution. He requested to waive off the penalties imposed on rice exporters due on delay in realization of export proceeds, which is mainly due to the transit time which is beyond the control of rice exporters. Governor SBP Jameel Ahmed during the meeting issued instructions for removal of the penalties aimed to facilitate rice exporters. Jawed Jillani also invited Governor SBP for a visit to REAP House Karachi and meeting with REAP Managing Committee and leading rice exporters. Rafique Suleman informed that shipping companies are charging additional foreign exchange rates which is Rs 10 to 12 higher than interbank rates. Governor SBP asked REAP team to send the compliant with documentary evidence, so that necessary action may be taken. Faisal Garib, Member REAP informed the unavailability of Export Refinance Facility (ERF) from various banks. In response, Governor SBP informed that banks have sufficient ERF limits from State Bank. Governor SBP advised Reap team to inform if any bank refuse to issue ERF to rice exporters. Reap team also requested to take steps for repatriation of long pending stuck amount of rice exporters in Lebanon (Beirut). Governor SBP informed that they have already putting efforts to resolve this long pending case. In the end, Jawed Jillani and Rafique Suleman presented Flower Bouquet to Governor State Bank. Copyright Business Recorder, 2025
